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Dec 15, 2007 17:21 EEST
December 15 (SeeNews) - Bulgarian manufacturer of aluminium screw caps for spirit drinks Herti will hold an up to 13.6 million levs ($10 million/7.0 million euro) initial public offering (IPO) on January 25, the manager of the issue said on Saturday.
Herti will offer for subscription 3.0 million new shares and up to 1.4 million existing shares with a face value of one lev each at a minimum issue price of 3.1 levs per share, Raiffeisenbank Bulgaria, which will manage the issue, said in a statement.
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Herti’s IPO will be the first flotation on the Bulgarian bourse next year. About a dozen Bulgarian companies have recently tapped the fast-growing capital market securing funds for their development.
Herti has said that it will use the IPO proceeds to back its investment programme aimed at boosting its production capacity. The company will increase its capital to a nominal 15 million levs via the public offering.
Herti, based in the northeastern Bulgarian city of Shumen, is the largest Bulgarian manufacturer of aluminium caps for spirits and plastic caps for bottled water, with a capacity of one billion caps per year.
According to preliminary results which the company announced in early 2007, it increased its 2006 sales by 10% to 24 million levs. Back then, the company said it planned to further raise its turnover to 30 million levs in 2007.
(1 euro = 1.95583 Bulgarian levs)
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